Best Payment Methods to use for Online Gambling in India

It’s fair to say that one of the components aiding the explosive growth of online gambling in India is the vast array of easily-accessible modern payment methods that are now available to players.

Previously, Indian gamblers were restricted to credit cards and one or two e-wallets. Coupled with that, payments were rarely processed in India’s local currency. This meant the customer often got hit with excessive foreign exchange fees, which may have deterred many recreational players.

All of that has changed now, with online casinos integrating multiple payment services that are exclusive to this market while also adding new international options that have grown popular in this country. For players considering a flutter at an online casino or sports betting site; these are some of the best payment methods to use.

With over 500 million active users daily on mobile devices, it’s safe to say that mobile transactions will only increase over time. The same can be said for mobile gambling in India. Most gambling and betting sites can be accessed via mobile apps or responsive websites, and therefore the need for mobile payments increases.

A recent survey of payment methods by LiveCasinoIndia.com has shown that out of 62,000 individuals surveyed, 43% of all betting related transactions are through UPI. Furthermore, 26% are through Netbanking, 17% are with debit or credit cards and an extra 14% are made up of local e-wallets, cash on delivery and vouchers.

UPI

Short for Unified Payments Interface, UPI provides Indian bettors with a real-time payment system that’s connected to a network of 300 banks. In a nutshell, UPI allows customers to fund their casino or betting accounts directly from their bank accounts.

As the system was developed by the National Payments Corporation of India (NPCI) and the interface is regulated by RBI, this is a highly-reputable, secure, and trusted service.

Additionally, it’s just been announced that an extension to UPI has been launched, which is UPI 123PAY. This is a service that doesn’t require an internet connection, so it could allow players in rural areas to make payments from their gambling without being online; hence, saving data for when they play.

Netbanking

Netbanking, or internet banking as it’s also known, is another convenient method for Indian customers to deposit and withdraw from their gambling accounts. Its mechanisms are similar to how UPI works, in that money is sent from one bank to another.

However, UPI is mobile-based, whereas netbanking is more flexible. Players can log into their online bank through a PC or any device with an internet connection and use this service. Backed by the bank’s security protocols, netbanking is another safe option to use

Paytm

Nearly all of India’s top-rated gambling sites accept Paytm either directly or indirectly through a third-party payment service. While Paytm offers a wide variety of payment services, such as bill payments, phone recharges, and in-store payments, it’s the Paytm Wallet feature that players use for real-time direct payments.

An alternate method for making Paytm payments is via UPI/Netbanking. All players have to do is choose the payment method that supports Paytm, then they enter their Paytm VPA, and UPI does the rest. However, instead of the funds being drawn from a bank account, the money comes from the user’s Paytm wallet.

Debit Cards

For all the modern payment systems available now, a regular debit card still holds its place as a reliable payment method for online gamblers. Debit card payments predate online banking, but the principle is the same. RuPay cards are by far the most trusted cards as they are operated by the government and are the most secure option.

A player enters the amount they want to deposit, then inputs their bank account number, and that’s about it. Traditionally, debit card payments have higher limits than most other options, which makes them more attractive to high stakes players.

PhonePe

Similarly, to UPI, PhonePe is a mobile payment interface which integrates online banks and bank cards. Many gambling sites offer PhonePe directly or via UPI. If you use UPI, then you need to enter your PhonePe VPA to make a payment. Otherwise, you can pay directly via the PhonePe mobile app.

However, unlike UPI, PhonePe does not support other mobile wallets like PayTM, Google Pay or MobiKwik.

Google Pay

Google Pay (GPay) is widely popular in India due to its convenience for Android users, most of whom have a Google account. Much like PayPal, and several other leading e-wallets, this service has transformed over the years.

It started out as Google Wallet, which served as an electronic wallet that users topped up when they needed to use it. However, now it’s more of a payment service. Users link their Indian bank account to their Google Pay account and make payments this way. GPay is known for its state-of-the-art security, giving users peace of mind.

MobiKwik Wallet

Lastly, there is one more payment method which is gaining in popularity among Indian bettors. MobiKwik is like any other regular e-wallet. Gamblers that have a MobiKwik account can fund their wallet in numerous ways. They can choose to wire money via Netbanking or via debit and credit cards.

Additionally, Mobikwik accounts are integrated with UPI too. So, you can make payments securely with MobiKwik via UPI. All you have to do is enter your unique VPA to access your account via the UPI interface.

Online gambling in India has increased significantly in the past two years, due to Covid restrictions. More people were stuck in isolation at home and access to betting sites filled some of the void. This has led to India becoming a new emerging market for operators and Fintech companies alike. So, more groundbreaking technology and resources will pour into India leading to more development of the Indian gambling industry.

Thus, some lawmakers are already lobbying for nationwide online regulation which will lead to increased tax revenue in a Covid impacted economy. Furthermore, it will help enforce responsible gambling and protect problematic gamblers.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes